Not-For-Profit GAAP Update Self-Study Webinar (6 Hours)

Overview: 

This self-study webinar is designed for accountants and financial statement users who want to remain on the cutting edge of the most recent accounting pronouncements affecting not-for-profits. You’ll be equipped to:

  • Follow current accounting standards for not-for-profits (ASC 958)
  • Understand recent guidance revising NPO financial statements
  • Apply accounting standards that impact nonprofits
     
Objective: 

To provide a deep dive into the most recent accounting pronouncements and issues impacting not-for-profits. This course focuses on understanding the accounting standards affecting nonprofits, implementing and using current authoritative literature, and reviewing the latest GAAP issues regarding NPOs.

Detailed Learning Objectives
Emphasis: 
  • Review of recent not-for-profit accounting standards
  • How NPO financial statements and required disclosures changed
    – Use of  “operating measures”
    – Liquidity disclosures
    – Reporting functional expenses
    – Statement of cash flows
  • Net assets, endowment funds, and UPMIFA
  • Distinguish among contributions, exchange transactions, and pass-throughs
  • Restrictions and conditions
  • Consolidations and goodwill for NPOs
    – New rules for goodwill amortization
    – When and how NPOs consolidate for-profits
  • Valuation and disclosure of investments
  • Recent FASB guidance affecting NPOs
    – Revenue recognition
    – Leases
    – Fair value
    – FASB Simplification Initiative
  • Valuing gifts-in-kind and gifts of non-financial assets
  • Allocating joint costs
  • Collections update

• Identify mandatory NFP financial statements and titles

• Identify the ramifications of ASU 2016-01 on not-for-profits relative to for-profits

• Recognize the changes in accounting for goodwill impairments by not-for-profits under both ASU 2017-04 and ASU 2019-06

• Recognize the characteristics of governmental entities

• Identify the delayed effective date of the lease accounting standard on private not-for-profits due to COVID-19 concerns

• Identify the accounting for contribution revenue by a not-for-profit

• Recognize the accounting for a conditional transfer of cash made to a not-for-profit

• Recognize factors indicative of risk in recording revenue for an unconditional promise to give

• Recognize the accounting for contributed services to a not-for-profit

• Identify the accounting for donated securities

• Identify the terminology associated with the power to modify restrictions on a charitable fund

• Recognize necessary disclosures when a not-for-profit transfers assets to a recipient organization and specifies itself or an affiliate as a beneficiary

• Identify the accounting treatment of service concession arrangements under ASU 2014-05

• Recognize the accounting treatment for collections of art or similar collections

• Recognize the applicability of ASU 2019-03 on both not-for-profits and for-profits

• Recognize the accounting treatment of joint costs of a not-for-profit

• Identify the ramifications of balance sheet classifications of net assets on a not-for-profit’s balance sheet

• Identify the primary categories of expenses under a not-for-profit’s functional reporting

• Identify the options for reporting the cash flows from operations under ASU 2016-14

• Identify the overall effect of ASU 2016-14 on a not-for-profit’s disclosures

Bottom
Price: 
$149.00
Prerequisite: 

Basic knowledge of accounting for nonprofit organizations.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
6.00
NASBA Field of Study: 
Accounting